involuntary collections of student loans

[Anonymous]

Anonymous wrote:If you take out a loan you need to repay it. It’s that simple.

No more Starbucks. Forget about upgrading your iPhone. Door Dash isn’t a necessity. Vacations are for people that actually save money and aren’t deep in debt. It’s time for a second or third job. You can no longer afford all of your streaming services. Discretionary things like drinks with friends aren’t in the budget. Life is hard when you fail to manage your finances.

Ok Dave Ramsey… 🙄

[Anonymous]

Anonymous wrote:Physicians will be totally screwed. They take years before they are making the kind of money that can service the loans required to complete training.

You believe physicians are generally defaulting on their student loans? This seems very unlikely to me. They tend to be smart and conscientious enough to call for a payment plan.

[Anonymous]

Can they start with the ones making TickTock videos laughing about how they never plan to pay a penny back?

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you take out a loan you need to repay it. It’s that simple.

No more Starbucks. Forget about upgrading your iPhone. Door Dash isn’t a necessity. Vacations are for people that actually save money and aren’t deep in debt. It’s time for a second or third job. You can no longer afford all of your streaming services. Discretionary things like drinks with friends aren’t in the budget. Life is hard when you fail to manage your finances.

Ok Dave Ramsey… 🙄

Dave Ramsey has GREAT advice for getting out of debt. Take some personal initiative. When I was paying off debt, I would listen to the free podcast every day to hear the stories of people who changed their spending and got out.

-new poster

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are headed back to debtors prison when they deduct it from your pay and people end up on the street.

Income based repayment plans are universally available and have been common for years in the student loan world. If a young professional makes 40k annually and therefore the $1,500 monthly installment payment on their 200k student loan balance isn't affordable, all they have to do is contact the loan servicer and document the need for a modified income based minimum payment.

Canceling debt is never a wise long term solution. Ii

Any yet big banks were all bailed out in the 2008 recession. Corporations were forgiven those PPP loans but the average person who likely needs the help rather than multi-billion greedy industries ... sure let's tell then to eat cake.

[Anonymous]

Anonymous wrote:Education Department’s will resume “involuntary collections” of federal student loans that are in default.

https://www.cnbc.com/2025/04/22/what-student-loan-borrowers-need-to-know-about-involuntary-collections.html

But I thought Dept of ED was useless and we were closing it?? This administration is an absolute joke.

[Anonymous]

Anonymous wrote:Can they start with the ones making TickTock videos laughing about how they never plan to pay a penny back?

Only if we can send the nasty MAGAs to El Salvador(I know they love it there)-you know the ones spewing all the hate and laughing about it.

[Anonymous]

Can Trump's judgment creditors start garnishing his salary? Won't do much. He has more than 500 million in unpaid judgments against him.

[Anonymous]

I’m fine with this and also making student loans harder to get in the first place. Easy loans to unqualified buyers is what helped raise tuition so high to begin with.

[Anonymous]

Anonymous wrote:I’m fine with this and also making student loans harder to get in the first place. Easy loans to unqualified buyers is what helped raise tuition so high to begin with.

This. Sorry but it’s true. The fact that people can go into debt to study something that doesn’t have the salary to be able to pay off the loans is not helping anyone.

[Anonymous]

We really need a system that distinguishes between in-state public education and everything else. It is in society's interest to have an affordable public college system that doesn't burden 21 year olds with loans. That's what we need to build and subsidize - affordable public colleges for qualified students. And everything else - private universities, LACs - should sink or swim with market demand. There isn't ever going to be public support for forgiving the loans of someone who chose to go a gazillion dollars in debt to attend NYU or Colby. And retroactively forgiving those loans does nothing to make college more affordable for this generation of students. Focus on public education, and let market forces sort out how private universities go about attracting students. I strongly suspect the cost of private colleges will go down significantly if we make it difficult for teenagers to go into debt to attend, especially when they have very good and affordable in-state alternatives.

[Anonymous]

Anonymous wrote:We really need a system that distinguishes between in-state public education and everything else. It is in society's interest to have an affordable public college system that doesn't burden 21 year olds with loans. That's what we need to build and subsidize - affordable public colleges for qualified students. And everything else - private universities, LACs - should sink or swim with market demand. There isn't ever going to be public support for forgiving the loans of someone who chose to go a gazillion dollars in debt to attend NYU or Colby. And retroactively forgiving those loans does nothing to make college more affordable for this generation of students. Focus on public education, and let market forces sort out how private universities go about attracting students. I strongly suspect the cost of private colleges will go down significantly if we make it difficult for teenagers to go into debt to attend, especially when they have very good and affordable in-state alternatives.

I support this. AND collection on current debt. If private colleges want poor and middle class kids the colleges can pay for it.

[Anonymous]

Why wont they set rates for student loans to 2% instead of 14% with daily compounding interest. God forbid.

[Anonymous]

Anonymous wrote:Physicians will be totally screwed. They take years before they are making the kind of money that can service the loans required to complete training.

I paid off my med school loans by moonlighting in residency and then living pretty frugally once I became an Attending. It’s hard, but doable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are headed back to debtors prison when they deduct it from your pay and people end up on the street.

And so your solution is for the taxpayers to pick up the tab for other people's degrees? Sorry, no.

Taxpayers also pay if people become homeless. Or can’t afford food. All of society pays.

Much more than taxpayers, I’m ready for colleges t be on the hook for student loan defaults. They bear responsibility for graduating kids with 200k in loans and an unemployable degrees. Yes— kids are responsible too, and should pay back the loans. But, they make these decisions at age 18. Colleges are able to make decisions about the loans they will allow students to carry with full knowledge of the outcomes of their students and various degrees.

As long as there is seemingly unending “free money” for an 18 year old to finance 90k a year for an English major from a third tier school, there is also no pressure on schools to get costs downs to the point students don’t have to carry insane loans.