Oh, excuse me for being crippled from a mugging and then having all my bank and id cards stolen and then spending a year homeless and another year bouncing from motel to motel while trying to replace my id and unfuck my credit score with 3 bureaus without a permanent address and with a broken arm and wrist and leg.
90 days, 3 missed payments for private student loans, 270 days, 9 missed payments for DoE Federal student loans.
That missed payment count starts ticking whenever payment deferral period ceases, and you can’t make the minimum payment, and make a smaller payment than that, or none at all.
That counts as being delinquent, unless you’ve specifically negotiated, before hand, some other kind of repayment plan… which is extremely difficult to do, if not functionally impossible in most cases.
Student loans, quite specifically, are very difficult, nearly impossible to be discharged in a bankruptcy in the US.
Personal bankruptcy nukes your credit scores and records anyway, but may make overall sense as less bad in some situations… but you’d wanna consult a lawyer on that, and… it still doesn’t get you out of everything, your wages will be garnished, and if your debt is student loans, you’re still on the hook for all of it.
You are telling people to condemn themselves to ruin.
Unless you could somehow organize and coordinate … basically over a majority, ideally a super majority of student loan payers to boycott their payments, and pair that all with some actual concrete strategy for acheiving specific demands on the government… and keep doing so for years… you are advocating insanity.
It’s basically on the same level as telling people to just stop paying income taxes, stop renewing their drivers liscenses.
The few that go through with your idea would just eventually be arrested for not showing up for a court summons eventually issued by a debt collector.
Given the total, utter inability of any meaningful resistance movement to organize thus far, I am extremely doubtful your strategy is sound.
…
Maybe, maybe if student loan payers get super lucky and the DoE somehow accidentally deletes all their student loan records, (or if someone somehow Tyler Durdens every single computer system and all paperwork that keeps track of such records) then your course of action would work…
…but what is much more likely to happen is that the DoE will move all of its loan servicing operations over to private loan/debt servicers as basically the last thing it does before dissolving itself entirely.
Those private entities will skim a bit more off the top, and also make sure the Fed Gov gets its owed money.
So… yeah, unless your plan involves starting armed militias to resist police arresting people for being failing to show when the debt collectors eventually sue them, your plan is bogus.
sp3tr4l@lemmy.zip 2 weeks ago
Oh, excuse me for being crippled from a mugging and then having all my bank and id cards stolen and then spending a year homeless and another year bouncing from motel to motel while trying to replace my id and unfuck my credit score with 3 bureaus without a permanent address and with a broken arm and wrist and leg.
shaggyb@lemmy.world 2 weeks ago
Dude that sucks, but student loans didn’t cause that.
sp3tr4l@lemmy.zip 2 weeks ago
… Do you think that not paying your student loans will… not result in your credit score declining, massively so if it goes into collections?
lendedu.com/blog/student-loans-in-collections/
90 days, 3 missed payments for private student loans, 270 days, 9 missed payments for DoE Federal student loans.
That missed payment count starts ticking whenever payment deferral period ceases, and you can’t make the minimum payment, and make a smaller payment than that, or none at all.
That counts as being delinquent, unless you’ve specifically negotiated, before hand, some other kind of repayment plan… which is extremely difficult to do, if not functionally impossible in most cases.
Student loans, quite specifically, are very difficult, nearly impossible to be discharged in a bankruptcy in the US.
Personal bankruptcy nukes your credit scores and records anyway, but may make overall sense as less bad in some situations… but you’d wanna consult a lawyer on that, and… it still doesn’t get you out of everything, your wages will be garnished, and if your debt is student loans, you’re still on the hook for all of it.
You are telling people to condemn themselves to ruin.
Unless you could somehow organize and coordinate … basically over a majority, ideally a super majority of student loan payers to boycott their payments, and pair that all with some actual concrete strategy for acheiving specific demands on the government… and keep doing so for years… you are advocating insanity.
It’s basically on the same level as telling people to just stop paying income taxes, stop renewing their drivers liscenses.
The few that go through with your idea would just eventually be arrested for not showing up for a court summons eventually issued by a debt collector.
Given the total, utter inability of any meaningful resistance movement to organize thus far, I am extremely doubtful your strategy is sound.
…
Maybe, maybe if student loan payers get super lucky and the DoE somehow accidentally deletes all their student loan records, (or if someone somehow Tyler Durdens every single computer system and all paperwork that keeps track of such records) then your course of action would work…
…but what is much more likely to happen is that the DoE will move all of its loan servicing operations over to private loan/debt servicers as basically the last thing it does before dissolving itself entirely.
Those private entities will skim a bit more off the top, and also make sure the Fed Gov gets its owed money.
So… yeah, unless your plan involves starting armed militias to resist police arresting people for being failing to show when the debt collectors eventually sue them, your plan is bogus.
shaggyb@lemmy.world 2 weeks ago
Holy shut the fuck up batman