Eventually this graph should be about level. But it's not.pic.twitter.com/yYM59wRvGk
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Question: Will the federal government just forgive all of the student loan debt? Answer: what do you think?pic.twitter.com/kA5UsdhLYZ
Don't forget the impact flows over to the rest of the economypic.twitter.com/SJgACZBTXi
Look at how the debt is shifting from just young people to older folks that should be retiring. Courtesy @upfinacompic.twitter.com/Wl68te903U
Hope do you default if you can't bankrupt? I always thought thats the same. What happens if you default with no way out?
Andreas, bankruptcy is a process which discharges debt -- but as Austen pointed out, student loans are an exception and (generally) would not be cleared by bankruptcy. If you default, you just accrue more fees and debt.
So default is just defeat in this system?
It means the next level of pain. I think they start garnishing wages, tax returns Etc Your credit is destroyed for a decade or so at least.
Default means they can garnish social security too.
I mention this every single time I talk about student debt. (I actually wonder if all this increasing student debt is other debt (e.g., regular ol' credit cards) tied to student loans in such a way as to be unforgivable. Strong motive for creditors to do that, ness pah?)
("tied to" = "classified as")
It’s ridiculous that there are classes of debt - especially student debt - that are impervious to bankruptcy. Truly sinister.
For now a least, because elections are a futures market in stolen property. Masses may feel exploited/cheated to the extent to vote for change
A fact we have Joe Biden to thank for, incidentally, so remember that when he starts spooling up his presidential run in 6-12 months
At least you can buy a plane ticket and elope to Europe where you can hopefully naturalize and validate your degree and not worry about those loans!
... for now. That situation is unlikely to remain indefinitely. Plenty of voluntary defaults occurring regardless, or paying off with a different loan and then bankrupting out of that. Don't begrudge the poor their creativity.
What does the end of this look like, can’t even imagine it right now
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