2mo ago

White House Says It Will Seize Wages For Student Loans In Collection—Here’s What Borrowers Can Expect

www.forbes.com

Student Loans: White House Says It'll Seize Wages For Borrowers In Default—What You Need To Know

Department of education says more than 5 million already defaulted, an additional 4 million in "late-stage delinquency".

“Borrowers will now be expected to repay their loans, and those who don’t will face involuntary collections,” White House press secretary Karoline Leavitt told reporters Tuesday. “The government can and will collect federal student loan debt by withholding money from borrowers, tax refunds, federal pensions and even their wages.

31 comments

Wow. They could just print money to bail all of these banks out, but instead they're going to create revolutionary conditions
- Henry Kissinger has only been dead for like a year and apparently there's not a single fucking guy speaking sense to these idiots. They have no idea why the systems are there and they refuse to learn, as even Marxist economists are going "holy shit buddy are you sure you wanna do that?"
  
  I think we’re under appreciating how cucked the average American is.
  
  Kissinger and his cohort were so effective because they knew what they were peddling to the public was bullshit. The new generation that's in power now didn't seem to get the memo—they're true believers.
- As is typical with capitalists, their greed comes first. They have securitized and derivated student debt much like mortgage debt in the 2000s. I'm sure there's a way to roll all that back (besides a 2008 type crash) but not without massive costs and losses.
  
  It's not even about greed. If the lenders actually wanted money they'd just lobby the government to pay off the loans. Boom, student debt solved and the lenders get rich. There's literally no downside.
  But that's not good enough!
  It's about prole control and revenge. They're discipling the uppity poors that dared reach above their station for an education.
the old world is dying and the new world struggles to be born: now is the time of stripping the copper wiring out of the walls
- Damn I kinda love this version
Luigify your population speedrun
- I may not do a Luigi myself, but I will look the other way and make sure I don't see anything if a Luigi is being done.
  
  Who, Luigi? Yeah he was with me 7 states over for several days during the events in question. We decided to have a dudes rock adventure time biking trip. We left our cell phones at home and took my old ass car with limited technology camping and biked out in the great wilderness disconnected from society for a while. It was great to get away from it all and deal with life's many stressors, you know? It's easy to forget about things like oppressive healthcare systems and the people who run them when you're out in nature.
  
  if I see one in person, and it's a legit upward-punching Luigi, I can see myself saying "no that's not the guy".
A lot of people might not even find it worth working if their already meager wages are garnished to pay insurmountable debts. I’ve been in a similar situation and know I considered just saying fuck it and leaving the workforce altogether.
"The Dracula factory demands more intergenerational financial vampirism to stay solvent.
Sorry kids."
- ++A man who has nothing can still offer his life++
  ++ Even if you die a thousand times, you will not have paid even a fraction of your debt to the Emperor.++
  Thoughts for the day
I remember back 15 years ago they talked about taking 10% of wages for student loans for 10 years and then your debt is wiped regarless of balance left. I remember tons of conservatives flipping out at wage gouging as if paying loans is not gouging with more steps.
If you make 100k for 10 years you pay 100k but if you make 35k with your degree its only 35k. Seemed fair.
- right now, that has been the deal if and only if you work for a recognized charitable non-profit, aka public service.
  also, they suck at administering this public service program and it has been rife with fuckups from all of the lowest-bid loan servicers they outsourced it to and then had to take it away from for screwing it up.
  
  Let me guess, the government decided they couldn't set up the public service themselves and instead decided to mostly use it as a way to funnel grants to "non profits" and get cheapish labor in them
One can not garnish with what one does not have.
seize deez nuts
All hail Joe Biden in all his glory!

31 comments