Crashing the stock market may be the plan here. Follow me on this ...
Crashing the market and removing 20 to 30 percent of value.
Then at the low point invest heavily into the DOW.
Now support the market and get it back to previous levels.
Fucking rich fucks just made 30% in 1 to 2 years on that investment.
Hey now you're forgetting that they're also going short on everything and making money on the fucking way down too!
I'm so glad that I got a surprise letter in January of 2024 stating that the Biden SAVE program had forgiven my entire $320,000 worth of student loans. I had originally borrowed $150k.
Wait, was that all fucking interest???
Also for 150k you better be a fucking doctor, mate.
This isn't uncommon, there are deferral programs for student loans but these typically come with compounding interest (basically, your payments are covered each month by an additional loan which gets added to the principle).
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.
I wish Trump didn't understand that.
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 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
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.
Lots of trade schools are charging 10-20k/year and expecting 2 years of you…trades are great but we’re using student loans for them too depending on where you are*
*large cities tend to have better cheaper options like community college and there at least was some small federal schools that didn’t require loans. But not all areas have equal coverage here and you often get price gouged if you aren’t from that very specific city/town the community college is in. Tl;dr hopefully you live in an area with good resources which is not even remotely guaranteed.
learning a trade should be more encouraged, you can make a shit ton of money (relatively) without the debt
This isn't even true in a lot of places now. If you have a college nearby, expect your local trade school to have tuition similar to that college.
True, but that isn't an option for everyone and we still need scientists and doctors and such.
oh i know but college shouldn't be the default. i work in elementary and they have college posters up in the halls.
College stuff up in elementary schools is pretty crazy.
I went to a really cheap school. My master’s was 40k.
My bachelor was around 12k and if I did it faster it could have been cheaper. Wgu does it based on term not credit hour. The more courses you pass in a term the cheaper it is overall.
There was literally no way for my master’s to cost less, so I am not sure what your point is. It’s a minimum 2-year program. It’s how it’s designed. Not all degrees are like that, but in my case I paid the least amount possible already.
40k? In USD or in Warhammer? Cause that's a shite ton of money for college.
What did you study btw?
Also, I am great full to live in a shit hole country right now given that bill
40kUSD is nothing compared to some STEM degrees - especially at the masters level. PhDs can often be funded and not cost the student though (only in lost time...and mental health...)
Social work. And it’s laughable considering that social workers and mental health professionals generally don’t make a lot of money. I have no regrets getting it, just wish it was cheaper.
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.
That's one of only good things about Florida. The colleges on average are significantly cheaper than anywhere else, and Florida is still ranked number 1 on US News for college education when looking at every single college combined.
So basically get a good affordable education and then move the fuck out of Florida.
Although the governor is doing everything in his power to make sure that is not the case.
SLABs will tank, someone's collateral gonna get busted
SLAB?
Student Loan Asset-Backed Securities
Basically, people can buy the rights to your loan payments. Maybe they get packaged together with many others' debts.
SLABSs are quite profitable, obviously. During COVID years there was a freeze on debt payments and holders of SLABS started to feel the squeeze. SLABSs are such a guaranteed return that people/banks/hedge funds can use them as collateral for loans and stuff. So during COVID, SLABSs became a liability. Or so it's been speculated
If people start defaulting on their debts, SLABSs could be centrally involved in a financial collapse, the first domino to start chain reaction of margin calls
The economy is a house of cards stacked on top of another house of cards that somehow even less stable. Eventually something big enough is going to come and blow it all down and it's going to be the end of the system as we know it, if things start rolling downhill too fast nothing will be able to stop it
An rendition of Trump's Greater Depression:
My only hope is that America slingshots back to Roosevelt era policies. Wild that this exact shit happened and what saved us? Oh social programs and high tax rates on the wealthy.
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