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Feb 14 - Student Loan borrowers are now refusing to repay it back...


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 1 week ago '05        #1
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phantomnation  topics gone triple plat - Number 1 spot x14
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Feb 14 - Student Loan borrowers are now refusing to repay it back...
 

 
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• The Debt Collective, an organization founded by a group of activists who met during the Occupy Wall Street protests a decade ago, is calling on people with student debt to stop paying it.
• The group's goal is to get all private and federal student loans canceled and to make public college free.
• They say there's essentially already a strike occurring, with a large share of borrowers unable to pay down their loans.


Sandy Nurse doesn't see why she needs to be $120,000 in debt "just for trying to improve my understanding of the world."

And so, after a decade of struggling to repay her student loans, she plans to stop trying. She hopes others will join her, too, in a national strike against the country's outstanding student loan debt, which is marching toward $1.7 trillion.

"It's a way not to look at ourselves as failures because we're failing to pay back an excessive amount of money for knowledge," said Nurse, who has founded nonprofits and is currently running for a City Council seat in Brooklyn, New York. "It's a way to share our experiences and to think about how the system is failing all of us."

Earlier this month, at the University of California, Los Angeles, the Debt Collective, an organization founded by a passel of activists who met during the Occupy Wall Street movement of nearly a decade ago, called on people with student debt to stop paying it. At the event, dozens of people lit their student loan bills on fire.

The group's goal is to get all private and federal student loans canceled and to make public college free.

Presidential candidates Sen. Bernie Sanders, I-Vt., and Sen. Elizabeth Warren, D-Mass., have vowed already to wipe out all or the majority of education debt should either make it to the White House. And the proposal has even picked up support from the right as of late.

The country's unpaid student loan debt has long surpassed credit card debt or auto loan balances, and is second only to mortgages. The average balance today is around $30,000, up from $10,000 in the 1990s.


As student loan bills have climbed, incomes haven't. The average hourly wage in 2018 had no more purchasing power than it did in 1978, according to the Pew Research Center. That math backs many borrowers into a corner.

"I have to either pay my rent and get health care, or pay down my loans," said Nurse, who got her bachelor's degree in political science from Emmanuel College in Boston. "It's one of the reasons I don't even think about having children. How can anyone afford it?"


The Debt Collective wants people to stop having to make these choices. So far, the number of people officially on strike is just 359 (the group has a live counter), which is a drop in the bucket when you consider that 44 million Americans hold such debt.

However, Thomas Gokey, co-founder of the Debt Collective, said the movement aims to "politicize" the millions of Americans who already are not repaying their student debt because they can't.

Nearly 30% of borrowers are in delinquency or default. Five years out of school, just half of people with student debt have paid even $1 toward their principal, or the amount they originally borrowed, according to the U.S. Department of Education.

"There essentially already is a strike going on," Gokey said.


Many of the strikers attended for-profit colleges that allegedly misled or defrauded their students.

The share of federal financial aid going to for-profit schools nearly doubled between 1996 and 2012, and today they take in around 15% of the government's aid. More than a decade after leaving for-profit schools, more than half of their student borrowers default on their loans.


"I never benefited from my degree," said Ami Schneider, 33, who attended the Illinois Institute of Art between 2007 and 2010. Schneider is also joining the strike, saying that repaying her loans would be "legitimizing the fraud."

The strike makes sense in light of the fact that the government continues to collect on the debts of defrauded students from for-profit colleges, said Toby Merrill, director of the Project on Predatory Student Lending at Harvard University.

"The idea that debts can be collected with no regard for the validity of those debts is completely lawless," Merrill said. "The Department of Education has given borrowers no choice but to take dramatic action."

Yet higher education expert Mark Kantrowitz believes strikers have little to gain other than wrecking their finances.

"Even if millions of borrowers participated, the federal government has very strong powers to compel repayment," Kantrowitz said, rattling off the consequences of default: wage garnishment, collection fees and ruined credit.

However, Debt Collective members say they're not recommending borrowers default on their loans. "We're not encouraging people to commit financial suicide," Gokey said.

Instead, he said, people with student debt should find a way to bring their monthly bill down to $0. That could be through putting their loans into temporary postponements, including forbearance or deferment, or, if their earnings are low enough, through enrolling in an income-driven repayment plan where their payment would be nothing.


"We aren't saying any of these plans are a solution to the crisis, but they're a weapon we can use while we refuse to pay our student loans," Gokey said.

Policymakers should take the concerns of the strikers seriously, said Persis Yu, director of the Student Loan Borrower a*sistance Project at the National Consumer Law Center, a nonprofit advocacy group.

"Millions of Americans are facing unaffordable student loan debt," Yu said. "These borrowers are taking an enormous risk in order to highlight a pressing and important problem."


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363 comments
 

 1 week ago '11        #2
Sin  topics gone triple plat - Number 1 spot x9
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"I never benefited from my degree," said Ami Schneider, 33, who attended the Illinois Institute of Art between 2007 and 2010.
so she's blaming the them for her inability to use her education
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 1 week ago '09        #3
messy marv stan  topics gone triple plat - Number 1 spot x16
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if the irs cartel forced amazon apple etc to retroactively pay the irs mafia extortion fees with 75% intrest the student loan debt would easily shrink by 95%
+104   

 1 week ago '15        #4
TheCompanyMan 
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 1 week ago '19        #5
unit321  topics gone triple plat - Number 1 spot x6
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All those folks are going to find that a lower credit score is going to suck balls x 100. Bad credit prevents getting things. If they don't pay their loan payments on a timely basis, the creditors can lower their credit score.
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 1 week ago '15        #6
SouthsideNori 
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Mines was only like 4k and some change but it was from ITT Tech, that bih cancelled out when they closed, blessings my n*gga.
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 1 week ago '11        #7
Sin  topics gone triple plat - Number 1 spot x9
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 unit321 said
All those folks are going to find that a lower credit score is going to suck balls x 100. Bad credit prevents getting things. If they don't pay their loan payments on a timely basis, the creditors can lower their credit score.
10 years from now they’ll be protesting credit scores are unfair
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 1 week ago '10        #8
tallulahmademe 
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 Sin said
10 years from now they’ll be protesting credit scores are unfair
Actually they are to be honest
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 1 week ago '12        #9
OldBusiness 
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 Sin said
10 years from now they’ll be protesting credit scores are unfair
No.

People regardless of race, color, creed, or political party have been protesting the idea of credit since its inception. So what would make this group any different, 10 years from now, than the tons of people who already do that?

As far as the topic goes I paid my loans off, but if these n*ggas can pull off a hat trick then more power to them. sh*t if their actions save me 50k on my kids education then fu*k it
+103   

 1 week ago '19        #10
Simp Hand Weak 
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Why give back borrowed money when you're living on borrowed time ?
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 1 week ago '19        #11
Luka Doncic 
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All the people that are stupid enough to blow that money and not make enough to pay it back should live the rest of their lives in debt smh
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 1 week ago '20        #12
Born Bad 
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They wit tha sh*ts, they signed a contract. Fair no but they just got caught up in......The Game
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 1 week ago '06        #13
dagreat1_87 
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student debt sucks.....buuuuuuut a n*gga need his credit to be good lol.
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 1 week ago '04        #14
youngsiz 
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They can take your tax return so not paying doesn’t do sh*t
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 1 week ago '11        #15
Sin  topics gone triple plat - Number 1 spot x9
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 OldBusiness said
No.

People regardless of race, color, creed, or political party have been protesting the idea of credit since its inception. So what would make this group any different, 10 years from now, than the tons of people who already do that?

As far as the topic goes I paid my loans off, but if these n*ggas can pull off a hat trick then more power to them. sh*t if their actions save me 50k on my kids education then fu*k it
These people will end up being career protesters if they get away with this

They need a lesson in accountability
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 1 week ago '04        #16
fat_boyy21 
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I paid mine off and I agree 100% with them not paying.
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 1 week ago '11        #17
Sin  topics gone triple plat - Number 1 spot x9
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 tallulahmademe said
Actually they are to be honest
I’m not happy with the recent changes they made

With the fact they’ll look back 24 months now, it may take even longer to raise scores

 1 week ago '10        #18
tallulahmademe 
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 Sin said
I’m not happy with the recent changes they made

With the fact they’ll look back 24 months now, it may take even longer to raise scores
Its stupid as hell
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 1 week ago '19        #19
DadeCounty 
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fu*k college. find a trade, get certified. More money and less debt
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 1 week ago '11        #20
Sin  topics gone triple plat - Number 1 spot x9
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 DadeCounty said
fu*k college. find a trade, get certified. More money and less debt
Do both, but get the trade or cert first then decide what if you want to pursue the degree and decide how you’ll pay for it
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 1 week ago '04        #21
infam0uskills 
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or

work for the state/nonprofit for 10 years and get the entire balance forgiven through PSLF. At the same time youll be vested into a pension system, have a 401k along with it, etc etc. Throw in IBR payment plans and you wont pay much compared to the people who just do standard repayment.

but nah people want you to tell them all the routes and how to make it easier for em without looking into themself.

MANY OPTIONS OUT THERE
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 1 week ago '12        #22
OldBusiness 
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 Sin said
These people will end up being career protesters if they get away with this

They need a lesson in accountability
Sounds like you hate the founding fathers and the country that was founded by what would become career protestors.

If sh*t is wrong you dont stop cause one thing gets fixed.

Were your ancestors career protestors because they got to p*ss in the same toilet while a laundry list of injustices still existed?
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 1 week ago '11        #23
Sin  topics gone triple plat - Number 1 spot x9
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 OldBusiness said
Sounds like you hate the founding fathers and the country that was founded by what would become career protestors.

If sh*t is wrong you dont stop cause one thing gets fixed.

Were your ancestors career protestors because they got to p*ss in the same toilet while a laundry list of injustices still existed?
These people are f*ghting something they voluntarily signed up for

Not oppression they were born into
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 1 week ago '07        #24
MPC_Pase 
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The thing is educational lending is predatory... Think about it, there is no other scenario where what are essentially kids can borrow 10's of thousands of dollars without any credit, income, collateral or indication of a means for repayment.

An 18 year old couldn't get 10k for a car loan without a job but you can go out and borrow 100,000 without any indication that there is any understanding of the long term implications of doing so. And the Financial Aid offices in these schools push these loans... Here just fill out this fafsa and sign this promissory note.

In no other arena is this a reality.

I
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 1 week ago '19        #25
unit321  topics gone triple plat - Number 1 spot x6
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 OldBusiness said
No.

People regardless of race, color, creed, or political party have been protesting the idea of credit since its inception. So what would make this group any different, 10 years from now, than the tons of people who already do that?

As far as the topic goes I paid my loans off, but if these n*ggas can pull off a hat trick then more power to them. sh*t if their actions save me 50k on my kids education then fu*k it
My credit score is good.
I dont bebop around town in a car whose loan payments put me in the red.

I paid off my college loans instead of splurging on vacations to Europe.

Non-college-loan paying back fools are fools.

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