The roller coaster ride for borrowers enrolled in a key affordable repayment plan continues.
On Monday, the 8th Circuit directed a district court to approve Donald Trump’s proposed settlement with the state of Missouri to eliminate the SAVE student-loan repayment plan.
The plan has been embroiled in a legal back-and-forth for years. Most recently, a district court declined to rule on the proposed settlement, which some advocates and lawmakers saw as a win for borrowers and urged the Department of Education to carry out relief under SAVE.
However, the 8th Circuit’s ruling means that, once approved, the department will move forward with the settlement and require enrolled borrowers to transition to a new plan.
It’s cool. Not like we needed more doctors in this country anyway.
All these changes to student loans is just going to change things so it’s possible to file bankruptcy against them.
Typically it’s not possible to get the loans removed via bankruptcy but a few people have done it.
And I think the courts might start allowing it more if all of the loan agreements are no longer being honored on the side of the lender.
When I took out my loans I was told I had multiple options for repayment and that I could do the public service loan forgiveness program (a 10 year program where you work in a lower paying public job for 10 years, make payments based on income and after 10 years the remaining loan is forgiven).
Which is what I had planned to do.
Now I’m in a situation where my loan payments are 2k a month which I can never afford.
Also I spent as little as possible on my education.
I went to community college and state. I worked full time during my associates and bachelor’s so I only took loans out for tuition. Then I did my masters in another country because it was half the cost. Then I took out living expenses funds to finish up my doctorate. 5 of the 6 years were funded. So I only took out money on the last year.
I owe 110,000. After interest. It’s double. IF I pay 2k a month. If I pay less, that number goes up faster than I could pay it off. Essentially I would never be able to pay it off because it would increase faster than a $500 a month payment. (Even $500 seems high to me).
Buying a house in my lifetime seems impossible. I would struggle even with a car payment.
Yet we’re dropping nearly $1,000,000,000 on a war we never should have started.
Oh, well i guess someone has to pay for it 🫠
About a Billion a day over 3.7B in 3.5days.
What if we all just refuse to pay? We have rent strikes, labor strikes, let’s do a loan strike. Fuck this shit. Can’t use the degree anyways because AI is fucking up the tech space.
I’ve been suggesting a debt strike for a long time and nobody ever thinks it’s a good idea.
It’s a good idea but it needs broad support. Like physical strikes, they have tools of oppression at the ready - your credit score will tank meaning among other things your ability to get housing is affected. That’s a pretty serious, heavy threat. Millions of people need to join in this for the system to be overwhelmed enough. So start talking about it more, IRL too.
People like the idea they just don’t think it’s realistic, which is paradoxically true only because they all think that way.
way ahead of you, compadre
What if we lived debt free in the first place?
PEDOnald wants you to be unable to vote and unable to get out of debt. What a peach of a “president”.
