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62% of Student Loan Borrowers Say They're Likely to Boycott Repayments: Poll
(www.commondreams.org)
this post was submitted on 17 Aug 2023
222 points (97.4% liked)
Work Reform
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A place to discuss positive changes that can make work more equitable, and to vent about current practices. We are NOT against work; we just want the fruits of our labor to be recognized better.
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- All workers must be paid a living wage for their labor.
- Income inequality is the main cause of lower living standards.
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Our Goals
- Higher wages for underpaid workers.
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The way student loans are structured you can't not pay them. Don't pay your loans and default, we'll get your wages garnished. You get a tax refund normally, well they'll take that. Oh you are on government assistance well they'll cut the amount you get. Want to declare bankruptcy sorry still gotta pay the loan.
It will only be worse for incoming freshmen since the rates will now be between 5.50-8.05% last I saw.
No matter what people who lent money for student loans will get paid unless the whole system changes and judging by those in charge there is a snowflakes chance in hell that happens unfortunately.
Time to leave the country and never return.
I don’t think your debt disappears if you expatriate.
Banks hate this one simple trick.
it doesn't go away but if you don't come back it doesn't really matter
Depends on where you're disappearing to, and how smart your lenders are -- many countries cooperate with foreign debt enforcement.
In Sweden for example, a foreign lender can apply for debt enforcement with our national enforcement agency (Kronofogden). They then handle it the same as domestic debt by garnishing your wages or confiscating your property for example.
Can’t garnish me or take my things if I expatriate and just become homeless. Checkmate government!
It does if you expatriate into ¡Gregorio Sanchez, Title Alligator Boxer Extraordinaire!
You can get on income-based repayment. You have no American income, so you pay nothing. Eventually the debt is cancelled, as long as you don't move back.
Wow, I had no idea. See ya!
More like time to band together and defy them collectively
There's no way to do this if they can garnish your wages.
Yes we can. Band together and buy land in small, remote towns and build intentional communities where money is not needed. Incorporate them into separate counties so no taxes can be levied. Conduct all business in crypto.