Student Debt Crisis: Social Security Confiscation, Some Consider Suicide

[blue-wave]

U.S. Stepping Up Enforcement on Delinquent Student Loans

Your rich Uncle Sam is calling in his chips.

The U.S. government stepped up collections on delinquent student debt to $2.9 billion last year -- or an average of $1,000 from 2.9 million former students and their cosigners, according to the Treasury Department. And the trend continues. In the first six months of fiscal 2019, which started Oct. 1, collections totaled $3.3 billion.

<snip>The debt load is causing anguish that goes far beyond financial concerns. One in 15 borrowers has considered suicide due to their school loans, according to a survey of 829 people conducted last month by Student Loan Planner, a debt advisory group.<snip>


Full Article: https://www.bloomberg.com/news/articles/2019-05-12/u-s-stepping-up-enforcement-on-delinquent-student-loans


And more on the topic:

3 million senior citizens in the US are still paying off their student loans

Full Article: https://www.businessinsider.com/americans-over-60-paying-student-loans-2019-5


This is so immoral. We do not need to elect Democrats in 2020, we MUST elect Democrats.

[Demovictory9]

1. k&r

[CentralMass]

2. I agree on the must elect Democrats but I'm skeptical that much will be done to alleviate the

problem.

[KPN]

7. Me too.

[blue-wave]

9. I've not heard anything from the

republiCON side on this issue but I've heard about many Democrats seeking solutions. So let's push it on our side. Maybe we can help save some people from the depths of despair.

[dalton99a]

3. Thanks to the Bankruptcy Abuse Prevention and Consumer Protection Act

very nice title

[progressoid]

13. Supported and voted for by a Senator from Delaware - Joe Biden

[dalton99a]

19. With great enthusiasm

And a great smile

[herding cats]

4. My MIL dealt with this and was able to get it dropped against her.

There's an income minimum where they're not allowed to garnish your SS.

Just an FYI fo anyone else out there dealing with this.

[tinrobot]

5. Meanwhile, the top student loan company (Navicent) is now in the S&P 500

Who cares about suicide when there's profits to be made.

[KPN]

8. Which means anyone invested in an S&P Index Fund is

invested in Navicent; in effect, supporting and profiting from Navicent when it’s stock price rises.

[tinrobot]

16. Yes, along with a bunch of other awful companies

An S&P fund would put money into most big oil and defense companies as well.

[wasupaloopa]

6. I think we could connect infrastructure legislation with student debt forgiveness.

First we set up an order infrastructure bank to loan money to companies who do the building.

If the company hires workers for any position that have student loans, they get reduced interest and the students get loan forgiveness if they work a number of years in infrastructure repair work. The companies need lot’s of different skills not just construction.

The companies could be minority owned or owned by women.

[patphil]

10. for decades kids have been told they have to get a college degree to get a decent job

And now they are finding out that it isn't necessarily so.
Many kids are seeing that their high cost college degree is just a boat anchor.
They have debt, but not enough income to pay off that debt.
Interest on that debt is the real boat anchor here.
And deferred interest just keeps on accumulating and becomes a crushing load that many are finding hard to pay off.
Too many young kids have been sold a bill of goods.
Many have seen jobs in the field they chose dry up before they ever got a change to enter the market.
The cost/benefit for their chosen careers is going negative and they are left holding a very expensive, and very empty bag.
All they have to look forward to is debt, and long term economic slavery
The bankruptcy laws favor the lenders.
It's a disaster for millions of Americans and there is no relief in sight.

[PoindexterOglethorpe]

11. I have been arguing with young people for several decades now

that they don't need to take out loans, that they can start at a community college, that they can take some kind of vocational classes that can lead directly to decent jobs.

I also try to tell parents that same stuff.

I often feel as if I'm arguing to a wall. The nonsense that everyone needs a four year degree is overwhelming common sense. Plus, even otherwise sensible students don't bother to see if there are jobs in their chosen fields.

Every single school has some kind of office to help students do things like find jobs. They go crazy because so few students bother to seek them out.

In 1982 I had a job where a co-worker's husband had just started a barber training program. I recall being somewhat skeptical that this was a good idea, but I had just met her and we weren't friends so I didn't say anything. Surprise, surprise. When he finished the program there were no jobs to be found in that field.

So here's the basic lesson. Major or train in what field you want, but know that in the end you will need to go to work to support yourself, and find out ahead of time if there are actual jobs to be had in that field.

[NBachers]

12. Another way to harvest lifetimes.

[SharonClark]

14. Who takes out a school loan for that amount when they're in their 50's?

"Seraphina Galante, a 76-year-old who received her master's degree from San Diego State University 19 years ago, told CBS News that she still owes nearly $40,000."

Obviously, 'seniors' aren't paying off loans from when they were young and hopeful because tuition was cheap back then. They've creating more debt for themselves by making poor choices.

[Celerity]

17. many people go back to uni to get advanced degrees in their 40's and 50's nt

[Javaman]

15. this is the next financial tsunami waiting to crash on our shores. nt

[smirkymonkey]

18. K&R

This makes me sick. They are profiting off the misery of others. The amount of money they make on these loans is astronomical and people are locked into be debt slaves for life. There is no way out.