Realistically each bank will take that student / those students to court and have their wages garnished.
If it were one student the bank might write the debt off or they might send it to collections or a combination.
If it’s a ton of students they won’t take the hit in the pocket book. They will pursue it with all legal means.
the bank i used for one of my student loans came after me with legal action like this after my 3rd layoff and they'll use every single legal bit of legal fuckery they know to maximize your stress and to make sure that you cannot afford to put up a defense.
also the federal government gives them carte blanche to your finances once they win and permanent-for-life rules (both thanks to biden) so that they can keep coming at you for the rest of your life until you die.
Most banks probably are not going to write off many student loans. They can pretty much go after it for life and the loans usually cannot be discharged.
Absolutely, student loans are one of the pillars holding up the Wall Street machine. That’s like throwing away free money.
I'm not paying them. every time they send me an email asking for money, I reply with "Joe has your money. you sued him to stop him from giving it to you, so stop acting like you want money or go take his"
those are different groups, the loan providers were in support of loan forgiveness. pause to make sure I know what I'm talking about. Unless your fed loans are serviced by MOHELA, in which case the state of Missouri sued on their behalf
I'm not sure what I'm gonna do. I think I might choose to miss one or two months just to see if we all hold the line
Call and tell them "financial hardship" and see if there's anything they can do to help you.
I definitely don't qualify for finacial hardship in any sense of the term. I'm in the high end of middle class income. I've been participating in the not paying as a form of protest for student loan reform/forgiveness. I'll be relatively fine when payments of $500 a month start back up. It'll suck but not gonna put me into hardship.
It's really about solidarity at this point cause I'll be in student debt for an insane amount of time. Then again, even tho I'm okay, I don't have much of a runway if I were to get an unexpected layoff
Aren't you kinda screwing yourself by doing this? I'm not super familiar with the current deferment program so I could be completely wrong, but I thought they still charge you interest while you're in deferment which just increases what you owe at the end of the day.
Im Def racking up interest but I'm lowkey banking on student loans being forgiven before the extra interest becomes a problem. Like, I'm gonna assume that at worst I'm adding an extra year of payments, but that's going to be future me's problem in like 15 years.
I totally get the sentiment, but compound interest is a real killer and it's not like these can be discharged like other debt (in the event that student loan forgiveness doesn't eventually happen)
Mail paper checks in the amount of nine dollars and ⁹⁹/₁₀₀ every now and again.
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