Pictures, Videos, Articles showing just how boring it is to live in a dystopic society, or with signs of a dystopic society.
Rules (Subject to Change)
--Be a Decent Human Being
--Posting news articles: include the source name and exact title from article in your post title
--If a picture is just a screenshot of an article, link the article
--If a video's content isn't clear from title, write a short summary so people know what it's about.
--Posts must have something to do with the topic
--Zero tolerance for Racism/Sexism/Ableism/etc.
--No NSFW content
--Abide by the rules of lemmy.world
With no DOE employees to process defaults?
Nobody should be paying a red cent.
If your choice is draining your entire bank account to the point you can't afford to live or suffering a credit score penalty, then the credit score should be sacrificed.
"but they can..."
Stop. Nothing they can do is worse than starving. Don't pay them. Use your money for your own needs.
I wish more people understood no one can stop you if there is no one to stop you.
Try getting an apartment or renewing a lease with a truly shit credit score.
Oops, you don't qualify anymore, anywhere, your options are now homelessness, much more expensive hopping between motels every 3 weeks, or live in your car, hope you're still making those payments.
Fairly difficult to cost-effectively cook and store food when you're in any of those situations.
Just don't pay. Debt-strikes are far more damaging than a work-stoppage.
It’s most likely that people won’t have a choice. Many people, anyway, from what I understand of USian wages and cost of living.
Could you explain to non-Americans what is the appeal of student loans if they can do this? Why shouldn't people go to cheaper schools to get their degrees instead? I mean no disrespect, if you are rich go to Yale or whatever, by all means.
There are no cheaper schools. There are expensive ones and more expensive ones. There is literally no option for the non-rich except to go into debt or learn to be a plumber.
Children are told that they MUST go to college to get a stable and high paying job. This is so prevalent that college degrees are just seen as “the next step after high school” and nobody questions it. These colleges have figured out they can charge almost anything because they are seen as the gate keepers to high paying and stable jobs. So banking on future earnings, bearly emancipated teenagers, with the absolute minimum of a financial education, make life decisions that will put them in debt for the next 20-30 years.
The problem with the whole system is there doesn’t appear to be enough high paying and stable jobs.
As far as going to a cheaper college, I think you identified the issue in your very own comment. Schools have different prestige levels. Yale, for example, is a high prestige school and not only are you paying for an education, you are also paying to connect to rich people. These connections can be worth a lot of money if they are used correctly. So going to a cheaper college also means less valuable connections.
Even beyond connections, just the sticker on a resumé that says "" means you're less likely to get shunted into the shitter with 95% of other applicants, if you don't already have an "in" that cuts past the resumé stage.
There are no such thing as cheaper schools. They got rid of that because they were angry college students protested the Vietnam War. So now getting an education means doing business with the worst loan shark you've ever heard of, legally protected from bankruptcy. The thing you have to understand about America is that everything is a scam. Like healthcare or housing or a child care and a bunch of other things I'm not even thinking about
Same as in the UK I imagine. No university is affordable. Unless you are rich, you can't go without a loan.
It says "Trump’s changes to income-driven repayment plans."
I don't get it - aren't student loans fixed amounts, with monthly payments calculated to pay off the loan after a certain amount of time? How can they just raise the payments?
Not much detail in the article but it does mention Biden's student debt forgiveness plan being blocked and Trump pausing applications for some income-dependent payment thing. Are we seeing people whose payments would have been reduced by either of those suddenly not having them available anymore?
Most people are relying on income-driven repayment due to high interest rates and inflated tuition costs. IDR reduces your monthly payment to a fixed percentage of your income, but it does not scale the interest generated on the principle. The new SAVE plan was intended to scale the interest along with the monthly payment so your debt wouldn't keep piling up due to being on IDR.
Trump is removing all forms of IDR and blocking applications to renew existing plans, which means everyone will be forced to pay their full monthly amount (which is based on a 10 yr payoff plan). A lot of newer student loans are close to ~$100K or more, so imagine trying to pay that off in 10 yrs in the current job market.
Prepare for mass defaults on loans. This is absolutely going to crash the economy, and will very likely be worse than the housing market crash in ~2009.
Thanks for the details - it sounds like you're saying reduced payments under IDR are basically partial payments, which I assume would be applied only to the interest, thus making the debt last forever. Sounds like a plan bankers would come up with to create perpetual interest revenue. SAVE makes a lot more sense in terms of actually helping people - so no wonder Bonespurs & Company would block it. Can't have Big Gubmint interfering with the freedom to indenture people.